October 30, 2019 / 8:27 PM / 5 months ago

Continental Resources profit plunges on weak prices

(Reuters) - Continental Resources Inc reported a 41% fall in third-quarter adjusted profit on Wednesday, as weaker crude and natural gas prices muted higher production from its Bakken shale basin.

The slide in earnings is the latest in a set of weak results from shale companies as an 18% drop in crude prices undercut higher production that has helped prop up the United States as the world’s largest crude producer.

Concho Resources Inc said on Tuesday that its adjusted earnings more than halved, while Hess Corp reported a quarterly loss on Wednesday dragged down by lower oil and gas prices.

Continental said net sales prices averaged $33.30 per barrel of oil equivalent in the third quarter, about 25% lower than in the year-ago quarter.

Total production rose 12% to 332,315 barrels of oil equivalent per day (boepd), primarily boosted by higher output at its Bakken shale basin that spreads across North Dakota and Montana.

That helped the company post earnings of 54 cents, above the streets view of 47 cents, according to Refinitiv IBES data.

Net income fell to $158.2 million, or 43 cents per share, in the quarter ended Sept. 30, from 314.2 million, or 84 cents per share, a year earlier.

Total revenue fell 13.9% to $1.10 billion, broadly in line with analysts’ estimates.

Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel and Shailesh Kuber

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